New World’s £23m funding boost
Cheshire-based New World Trading Company, which operates 16 pubs across the country, has secured a £23m investment from NatWest.
The finance package includes a £4m capital expenditure facility which will support the company’s ambitious expansion plans across the UK.
NWTC, which was acquired by leading mid-market private equity specialist Graphite Capital for £50m earlier this year, opened seven new sites during the last financial year and following the investment, the company has also recently opened new venues in Sheffield and York.
NWTC continues to expand across the country, and currently employs nearly 1,000 people. New sites scheduled to open in Birmingham, Didsbury, Manchester and Reading in the coming months will increase staff numbers by a further 200.
Chief executive Chris Hill said: “We are grateful to NatWest for their support and belief in our brand and to Graphite for their continual encouragement since the investment. We look forward to pushing forward our expansion plans throughout 2017.”
Neil Parry, head of leisure for NatWest, said: “The New World Trading Company is a business we have admired from day one.
“We are pleased to be partnering with the management team and providing the funding for the next phase of their very successful roll-out programme. With 16 sites today, NWTC is now regarded as one of the leading emerging brands in the UK Hospitality market.”
Graphite has a long and successful track record of investing in the pub and restaurant sectors.
It grew Wagamama from two units to more than 100 around the world, generating a return of over 10 times its original investment on the sale of the business in 2005.
Currently Graphite is an investor in Corbin & King, operator of signature London restaurants including The Wolseley, The Delaunay and Brasserie Zédel; Hawksmoor, which operates premium steak restaurants in London and Manchester; and the Laine Pub Company, a Brighton-based multiple pub operator with a growing presence in London.